5 Ngultrum

Bhutan's Royal Monetary Authority was established in 1982, taking over currency issuance from the Bank of Bhutan. The ngultrum has remained pegged at par with the Indian rupee since its introduction in 1974 — a monetary arrangement that has never formally changed and that makes the ngultrum's independent circulation largely a matter of national identity rather than economic necessity. Indian rupees are accepted throughout Bhutan without restriction.

The P#28 series ran across nearly a decade with no significant printing changes noted between dated specimens, which is unusual for a long-running issue of this denomination.